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Tally Introduction
Tally Introduction
Accounting Terms
1. Personal Accounts
Dr-TheReceiver
Cr-The Giver
RULE
Dr-What Comes in
Cr-What Goes out
RULE
5.Sales Book - Records all Credit Sales of goods. Out of these various Books
of Accounts, we get the following Financial Accounting
Statements. These financial statements help in knowing the status of the
business at any given date.
1. Trial Balance –Is the Summary of ALL your Accounts. It is a list of all Dr
Balances & Cr Balances.
2. Trading Account –Is an account which gives you the result that is(Gross
Profit or Gross Loss) from buying & selling of goods.
3. Profit & Loss A/c –Is an account which gives you the result that is (Net
Profit or Net Loss)from the transaction during certain.
4. Balance Sheet -It is a statement which gives you the exact financial
position of the business at the end of the month of year .It is prepared from
the Trail Balance. It represents All Assets & All Liabilities Assets means
various possession of business. Liabilities mean the amount owing by the
business. The Excess of Assets over Liabilities represents Capital of owner.
After going through the
Accounting terms, understanding the Accounting rules & knowing the various
Books & Financial Statements of Accounts you are now in a
Position to maintain your Accounts on the Computer by using software called
Tally. Tally is a user friendly program.
Steps Involved in maintaining Accounts by using Tally
1. Liabilities
2. Assets
3. Indirect Expenses
4. Indirect Income
5. Purchase
6. Sales
a. Payment Voucher
b. Receipt Voucher
c. Contra Voucher
d. Journal Voucher
e. Purchase Voucher
f. Sales Voucher
g. Debit Note Voucher
h. Credit Note Voucher
i. Purchase Order Voucher
1. Cash/Bank Book
2. Ledger Book
3. Journal Voucher Book
4. Purchase Book
5. Sales Book
6. Debit Note Book
7. Credit Note Book
8. Purchase Order Book
9. Sales Order book
From the Books of Accounts you will automatically get the Financial Statements
of Accounts mentioned below
1. Trail Balance
2. Trading A/c
3. Profit & Loss A/c
4. Balance Sheet